Netflix Gains 7.4 Million Subscribers in 3 Months
Streaming giant Netflix has gained 7.4 million subscribers globally in 3 months due to an influx of original content.
Reuters reports the new shows branded under the company’s ‘Netflix Original’ including Altered Carbon and O Mecanismo has helped the company soar past its subscriber estimates for the period between January and March.
The company was expected to gain 6.5 million subscribers, according to estimates by Wall Street. Analysts are predicting another 6.2 million subscribers between the months of April and June.
At the time of the news Netflix shares grew more than 7 per cent to US$330.30.
Chaim Siegel, analyst at Elazar Advisors spoke to Reuters saying this result is not a one time thing, “It’s very similar to the results we saw last quarter. It’s getting better.”
Cowen & Co analysts say for the first three months this year, Netflix boosted its original programming by 85 per cent to 483 hours, a record for the company.
The streaming company is planning to release 700 new shows and movies in 2018, following a commitment of US$8bn to original content for the year.
According to Switch Media, 69 per cent of Australians use Netflix.